Finance Watch: Turning Point Launches IPO, Stock Rises 60% On First Day
Public Company Edition: Turning Point's offering priced at $18 and its stock closed at $28.90. Also, Achaogen's bankruptcy reflects difficult antibacterial market, Ophthotech's name change follows strategy shift, and Gilead lays off 150 sales reps. Plus, cell and gene therapy FOPOs flourish.
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Public Company Edition: Bellus launched the first biopharma IPO in the US since mid-July and Vir Biotechnology, run by former Biogen CEO George Scangos, wants to raise $100m. Also, Turning Point's $202.5m offering and Zafgen's strategic review.
Antibiotic developers have a blunt message for Congress: the time for action is now or never. They see a targeted reimbursement change (The DISARM Act) as vital to send a signal to investors that the sector can be saved – and don’t want to delay to debate other ideas like “subscription” models.
CF-focused Vertex will buy Exonics and expand a collaboration with CRISPR Therapeutics, with plans to develop therapies for DMD and myotonic dystrophy type 1. Merck acquires TGFβ-focused Tilos, while Achaogen offloads most of its assets at auction.